Are you planning to enter the realm of commercial property investments or already having one you are planning to lease? No matter what your requirements are, you need to juggle multiple work and responsibilities to make the deal smooth. The value of a commercial property is based on the cash flow it generates. So, you need to employ strategies to boost the cash flow.
If you don’t want to move out of the market or lose tenants, you need to work revving up the value of the property. That way, you can incorporate better terms of an agreement in commercial space for lease Kelowna.
Here are 5 ways to rev up the value of your commercial property.
Value addition techniques for a commercial property
- Improve the surroundings
- Making improvements in the interiors
- Increasing the rent
- Boost the amenities
- Make the commercial space eco-friendly
- Change the lighting
- Make the property secure
- Remodel additional space
Take a look at the property surroundings and look for places that need to improve. For instance, if there is space outdoors, you can go for landscaping, add more amenities or repaint the buildings. If you already have tenants in your commercial space, you can also ask them for feedback about the improvements.
As far as parking in a commercial space is concerned, you may not find faults in it but the tenants may view things differently. Find out whether the tenants are ready to pay more rent if you change the driveway or the parking lot. Make sure you provide a detailed estimate of the cost to the current tenants before embarking on paying the rent.
How about some cosmetic improvements your commercial property needs? Take a look at the interiors to determine if it requires a fresh coat of paint. Apart from this, you can go and add a few décor elements in the common areas or elsewhere. Changing the floor of your commercial space goes a long way in determining the looks, especially if you have clients coming over more often. Remember that a smart renovation may cost you a bit more for Kelowna commercial real estate but the ROI you will fetch will surely look amazingly good.
Marking up the rent of your commercial space is one way to add value to your property. However, you need not be on fire when revving up the rent. Determining the locality-based rents will help you figure out what a reasonable rent increase is. Be sure that your property does not lose the prospect of attracting tenants once you increase the rent.
To add appeal to your commercial space for lease, make sure you add more amenities to it. For instance, add a conference room in case it does not have one or a fitness centre where employees can relax. Besides, updates may be tech-based as well to ease the running of businesses like high-speed internet and the best cable packages.
Several commercial owners are investing in sustainable designs and you need to follow suit. Find out the materials that are likely to hold on to the climactic changes and are sourced from local areas. To make a commercial space eco-friendly, you need to keep the energy needs to a minimum. You can choose bamboo or cork flooring to cater to the sustainable features.
If you are a commercial property owner looking forward to commercial space for lease in Kelowna and Fraser Valley, lighting may comprise a major portion of the energy costs. In keeping with today’s requirements, you need eco-friendly lighting schemes to reduce the overall power consumption. With CFL and LED costs, the energy requirements are less but they will inevitably last longer. Modern-day commercial spaces leverage eco-friendly lighting fixtures, so you need not be left behind. Sensor lighting systems also save light and minimise the carbon footprint of the building.
One of the major aspects to build up the value of a commercial property is revving up its security. You need to spend time ensuring that you arrange for excellent security systems. Some of the elements to tighten the security of the premises are security cameras, appropriate lighting, and alarms.
Do you have additional space in the property lying unused? Reconfiguration of the extra space and turning it into a creative area is a way to add value to your commercial property. For instance, place a few chairs in that area to greet the clients and have an excellent fallback option in case they are more in numbers.
Alternatively, you may turn it into a small go-to pantry space for preparing coffee and refreshments. Emil Anderson Properties is a real estate developer easing commercial leasing procedures and developing commercial properties in prime locations. You can discuss your commercial property investment plans with them to get some genuinely good leads in Kelowna and Fraser Valley.
Are you scouting to buy a commercial property and lease it in return? Check the above-mentioned ideas for strategic improvements and fetch good returns until you decide to sell the property.